news-banner

NEWS RELEASE

For immediate release
Pdf Icon

For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

ctoth@mfda.ca

Jeff Mount

Vice-President, Pacific Region

(604) 694-8846

jmount@mfda.ca

MFDA Hearing Panel approves settlement agreement with Taayla Markell Mark

April 24, 2019 (Toronto, Ontario) – A settlement hearing in the matter of Taayla Markell Mark (“Respondent”) took place on April 18, 2019 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).

The Hearing Panel approved the settlement agreement dated February 15, 2019 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:

  • a fine in the amount of $15,000 (“Fine”);
  • costs in the amount of $2,500 (“Costs”);
  • payment of the Fine and Costs shall be made as follows:
    • $2,500 (Costs) upon the acceptance of the Settlement Agreement;
    • $1,666.66 (Fine) on or before May 31, 2019;
    • $1,666.66 (Fine) on or before June 28, 2019;
    • $1,666.66 (Fine) on or before July 31, 2019 ;
    • $1,666.66 (Fine) on or before August 30, 2019;
    • $1,666.66 (Fine) on or before September 30, 2019;
    • $1,666.66 (Fine) on or before October 31, 2019;
    • $1,666.66 (Fine) on or before November 29, 2019;
    • $1,666.66 (Fine) on or before December 31, 2019;
    • $1,666.66 (Fine) on or before January 31, 2020; and
  • shall in the future comply with MFDA Rules 2.3.1, 2.10, 1.1.2, 2.5.1, 2.2.4, and 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

  1. between October 19, 2015 and January 21, 2016, she processed nine transactions in two client accounts without discussing the specifics elements of the trades thereby engaging in authorized discretionary trading, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1(b), and 2.1.1;
  2. on January 21, 2016, she processed five trades in the accounts of one client based on the requests of the client’s spouse without the authorization of the client, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1;
  3. between October 19, 2015 and April 13, 2016, she submitted four trades in four client accounts to the Member, without maintaining sufficient evidence of client instructions, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.3.1, 2.10 and 1.1.2; and
  4. between January 19, 2016 and February 2, 2016, she made changes to Know-Your-Client (“KYC”) information in four client accounts without discussing or obtaining authorization of the clients prior to making the changes and without completing a KYC update form as required by the Member, contrary to the policies and procedures of the Member, and MFDA Rules 2.2.4, 1.1.2, 2.5.1, and 2.1.1.

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Vancouver, British Columbia area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.